Are you losing your house due to job loss or interest reseting ?

[ymba]

Freaks

Just wondering , but how many of you out there are losing your home or about to lose your home ?

I am in CA and almost everyone of my co workers are either walking away or have walked away from their home because of financial setbacks .

I have a property in Vegas and it is pretty bad out there right now .
My property is worth about 25% of what the orignal rates were
Unemployment rate is at 15% and it is just plain bad..

In short, anyone of you had to be forclose on or have to resort ot personal bankruptcy ?

Be well

YMBA!

 

[Mesa]

I know at least 5 people in this situation. I got lucky and bought in 2003. Anyone who bought in 2006 got screwed

 

[ymba]

I cannot believe how bad it is right now.. I hope things turn around sooon because with employment rate at an all time high right now< I can see this situation will get worse before it ever get better. Look at the europe market right now.

I wish I did not buy my 2nd home in vegas

 

[Voorhees27]

I thought things were turning around in the States? It got a bit ugly here in 2009 but we've since rebounded. All the best.

 

[The Craw]

i'm refinancing tomorrow actually. should decrease my mortgage payments by $100. interest rates are the lowest they have ever been in ages.

 

[Darth Caedus]

I used to work for the nation's largest mortgage company and it's just sad both what the companies did out of greed and how people just blindly believed everything they said. I really do hope all those CEOs go to jail and pay back every cent they earned from all this crap they started.

 

[jonny88]

the same thing was happening here last year not the bad but still. to help stop this here now you have to put like 20% down or mabey more on a house now. not 10% like people were doing before.

 

[nash]

I know at least 5 people in this situation. I got lucky and bought in 2003. Anyone who bought in 2006 got screwed

 

[dr_teng]

I thought things were turning around in the States? It got a bit ugly here in 2009 but we've since rebounded. All the best.

It's rebounded very slightly (in terms of house prices) but it's going to go down again when the Alt A crisis hits in 2011 or 2012.

Buying at the peak of a bubble is a TERRIBLE idea, no matter what it is. When it's a house, likely the most expensive purchase you'll ever make, welp.

We're in the middle of a pretty big bubble in Canada right now actually. Prices barely went down during the recession because we didn't have a subprime crisis. I've told a few people to avoid buying now but they don't listen, so ah well.

Good luck for those of you having house problems in the US.

 

[occulum]

i'm refinancing tomorrow actually. should decrease my mortgage payments by $100. interest rates are the lowest they have ever been in ages.

yup. I bought in 2006 and was doing fine, but decided to refi.
Mortgage dropped $150/month and saving $50k over the life of my loan ...

 

[BadMoon]

I just bought my house so this stuff scares the crap out of me. However, if I can't afford my mortgage I wouldn't be able to pay rent either so I would be homeless.

 

[hairlesswookiee]

I thought things were turning around in the States? It got a bit ugly here in 2009 but we've since rebounded. All the best.

It is, but its not across the board for everyone. It'll probably take years for it to get normalized. One of my buddies is in this hole right now. He's paying almost $3k a month for his mortgage and he's struggling to get by. He just started working for the Sheriff's Department last year and making decent money, but with a mortgage like that its kind of hard stretching the paycheck when he's single.

yup. I bought in 2006 and was doing fine, but decided to refi.
Mortgage dropped $150/month and saving $50k over the life of my loan ...

Can't complain about this.

 

[Deadly Dagger]

I bought back in 2002 so i'm in pretty good shape. Even when my wife and I were looking to buy, we made sure we could afford our home on one paycheck...just in case. It simply amazes me how many people took out HUGE amounts of equity on their homes (before the bubble burst) to buy things they really didn't need. I blame greed, stupidity and the banks.

 

[Mad Old Lu]

We bought in 2001, so the prices were very reasonable at that time. We certainly couldn't afford any homes in our area at the height of the realty bubble or even now.

Actually we did all the paperwork in early 2001 and I was laid off from that job in June of that year and we hadn't closed yet on the house we bid on in February. When it was time to close (around September I think) we held our breaths hoping the lawyers wouldn't check up on my employment and find that I had no job. I also still had an apartment in the city that I was still paying rent on. We managed to get by on my wife's salary, umemployment and our savings til I was able to find another job in April of 2002.

Now my hours are being reduced by half, so I'm actively looking for another job. We figure we can still get by for a few more months with my limited hours, some savings and my wife's salary (thank God for her job!). But I do feel lousy not being able to pull my own weight.

 

[Darth Caedus]

the same thing was happening here last year not the bad but still. to help stop this here now you have to put like 20% down or mabey more on a house now. not 10% like people were doing before.

Not only that, but $1,000,000 loans were being given out with 0% down AND no income verification...so you could be a janitor and you would be approved. Glad this nonsense is done with.

And these mortgage people who approved it still want their jobs and want to "fix" it.........seems idiotic to keep these people if you ask me

 

[hairlesswookiee]

Not only that, but $1,000,000 loans were being given out with 0% down AND no income verification...so you could be a janitor and you would be approved. Glad this nonsense is done with.

And these mortgage people who approved it still want their jobs and want to "fix" it.........seems idiotic to keep these people if you ask me

Yeah that's ridiculous. The kid that lived next door to my parents just moved out of his parent's house and bought an expensive house, and recently had to take a 10% pay cut to keep his job. Now he's complaining about barely making ends meet. I know its nice to have a big house and fancy car, but what's the point if you're living paycheck to paycheck??

 

[Darth Caedus]

Yeah that's ridiculous. The kid that lived next door to my parents just moved out of his parent's house and bought an expensive house, and recently had to take a 10% pay cut to keep his job. Now he's complaining about barely making ends meet. I know its nice to have a big house and fancy car, but what's the point if you're living paycheck to paycheck??

Yea, these seemingly slick guys in suits would tell people that the appreciation on the property will cover any change in the interest rate that your ARM loan would generate and that you would be fine........But they didn't tell you what would happen when the home prices lowered. OH well, the best thing that came from this bubble is that it probably won't happen again, so we won't have to worry about it again in our lifetimes

 

[The Ween]

I'm lucky in the sense that I inherited my house, but if I had to sell it, I wouldn't get squat for it I'm sure. So I'm kinda stuck even though I'd like to move.

 

[LOTRFan]

I live in Vegas and bought in 2007, my area has been hit but not quite as bad as others; fortunately we purchased based on one income (my wife doesn't work yet, but will once our youngest goes to school) and did a fixed-rate interest only loan - actually thinking about a refi as we speak.

Coming from So CA we saw the height of greed (this was 2006); spec buyers and unreasonable sellers forced us out of town. It was so bad that at one point you had to offer ABOVE asking price, sellers wouldn't even listen to you otherwise, my wife and I even drafted a generic letter introducing our family/etc to gain some sense of sympathy.

 

[Deadly Dagger]

I live in Vegas and bought in 2007, my area has been hit but not quite as bad as others; fortunately we purchased based on one income (my wife doesn't work yet, but will once our youngest goes to school) and did a fixed-rate interest only loan - actually thinking about a refi as we speak.

Coming from So CA we saw the height of greed (this was 2006); spec buyers and unreasonable sellers forced us out of town. It was so bad that at one point you had to offer ABOVE asking price, sellers wouldn't even listen to you otherwise, my wife and I even drafted a generic letter introducing our family/etc to gain some sense of sympathy.

It was already that bad in 2002...we offered 20k above asking, having been outbid 5 times before. Every three months the prices would go up 50k...I knew something was outta wak and sure enough it was.